Quebec · CCAA
Fourth Report of the Monitor
Court officer report · 28 March 2016
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing10 verified
- cash on handnote: Ending cash balance at March 12, 2016, vs. projected $3.5 million; post-filing cheques in circulation of $1,048,735 are not reflected in the balance. Projected closing balance at April 30, 2016 is $4,630,000 (forecast). · as at: 2016-03-12 · amount: 7118353 · currency: CAD · qualifier: approximately $7.1 million
- disbursementsnote: Cumulative actual cash disbursements from the Appendix A statement (cumulative budget $9,234,701); cash basis. Disbursements for the January 17 to March 12, 2016 period alone were $2,721,691. · since: November 12, 2015 (date of the Initial Order), through March 12, 2016 (approximately 18 weeks) · amount: 5006959 · currency: CAD
- operational summaryBluberi continues to operate as a going concern with 64 employees while a court-approved sale process concluded with Callidus's credit bid selected as the Successful Offer, with closing conditional on resolving licensing, tax-structure and priority-claim issues; a 30-day stay extension is sought.
- process resultsbids: 4 · ndas: 14 · note: Fourteen (14) Confidentiality Agreements were signed by Potential Bidders; twenty-eight (28) Potential Bidders declined participation; fourteen (14) did not respond; four (4) Qualified Bidders submitted offers by the deadline. · as of: 2016-03-07 · qualified bids: 4
- professional feesnote: Actual disbursements in the period: Monitor fees $142,822; Bluberi legal counsel (CCAA) $244,330; Monitor's legal counsel $283,994; other professional fees $48,252; CRO fees not separately stated in the extracted table. Cumulative Nov 12, 2015 to Mar 12, 2016: Monitor fees $205,554; legal fees (CCAA) $522,737. No total professional-fee figure is stated. · party: Monitor (Ernst & Young Inc.), Bluberi's legal counsel and other CCAA professionals · period: January 17 to March 12, 2016 · currency: CAD
- purchaserCallidus
- receipts cumulativenote: Cumulative actual cash receipts from the Appendix A statement; cash basis, not accrual. Receipts for the January 17 to March 12, 2016 period alone were $5,744,193. · since: November 12, 2015 (date of the Initial Order), through March 12, 2016 (approximately 18 weeks) · amount: 12031296 · currency: CAD
- report date28 March 2016
- report noFourth Report of the Monitor
- sale outcometext: The Callidus credit bid was selected as the successful bid, subject to further conditions, and closing has not yet occurred. · scope: whole_business · status: bid_selected